Core Viewpoint - The photovoltaic ETF (159857) has shown significant trading activity and net subscriptions, indicating strong investor interest in the solar industry despite ongoing supply-demand mismatches in the sector [3][5]. Group 1: ETF Performance - As of September 18, 2025, the photovoltaic ETF (159857) recorded a turnover of 8.33% with a transaction volume of 207 million yuan [3]. - The ETF has seen a net subscription of 42 million shares during the trading session, reflecting a positive market sentiment [3]. Group 2: Industry Trends - The photovoltaic industry is experiencing a recovery in pricing, with polysilicon prices stabilizing around 50,000 yuan per ton as of mid-September [8]. - The price of silicon wafers has also shown improvement, reaching between 1.3 to 1.65 yuan per piece, allowing companies to achieve slight profits [8]. - The component market is witnessing rational price increases, with a recent tender by Huadian Group for double-sided double-glass components showing an average bid price exceeding 0.71 yuan/W [8]. Group 3: Institutional Insights - Guohai Securities suggests that the renewable energy sector, particularly solar power, is poised to benefit from a reduction in "involution" competition, leading to a gradual recovery in profitability across the industry [9]. - The solar sector is highlighted as a representative industry of this "anti-involution" trend, with expectations of policy support continuing into the second half of 2024 [9]. - Guojin Securities reports a significant increase in domestic energy storage system and EPC bidding, with a year-on-year growth of 521.7% and 517.4% respectively in August 2025 [9]. Group 4: International Market Dynamics - The overseas energy storage market is experiencing a surge in orders, leading to high demand for storage cells and systems, with major domestic companies unable to meet new demand due to full production lines [10].
“反内卷”成效初显,光伏产业链价格明显回升,资金逆市布局光伏ETF(159857),助力布局储能行业黄金发展期